Cost & Financial Aid FAQs

Financial Aid & Scholarships

What applications do I have to file to be considered for financial aid? Does Stonehill award Merit Aid? Does Stonehill award Need-Based Aid? Does Stonehill award Job Aid? Does Stonehill award Loan Aid? Does Stonehill offer a tuition discount if more than one family member is attending at the same time? Is Stonehill Need-Blind in its admission decisions? What effect does applying as an Early Decision applicant have on financial aid? When is financial aid applied to my account?

Appeals / Special Conditions

Can I appeal my financial aid award?

Cost of Attendance

What is the current Cost of Attendance (COA) at Stonehill?

CSS Profile

What is Stonehill’s code number for filing the CSS Profile? Must I file my taxes before filing the CSS Profile? Should I wait until I know I have been accepted into Stonehill before filing the CSS Profile?

Deadlines

What is the deadline for applying for financial aid?

Eligibility

What do I have to do to maintain my eligibility for financial aid?

FAFSA

What is Stonehill’s code number for filing the FAFSA? Must I file my taxes before filing the FAFSA? Should I wait until I know I have been accepted into Stonehill before filing the FAFSA?

Loans

When do I repay my student loans? Where can I find out how much I have to repay on my student loans?

Notification

When will I receive notification of my financial aid award?

Private Scholarships

If I receive a private scholarship, will my financial aid change?

Study Abroad

Will Study Abroad affect my financial aid award? Are there additional costs associated with Study Abroad?

Work Study

How can I apply for a job?

Taxes

Is financial aid taxable? Are there tax benefits for higher education expenses?

Glossary of Commonly Used Terms

CUM (Cumulative Grade Point Average) Deferment Direct Costs Direct Deposit/Payment Educational Loan Enrollment Status Expected Family Contribution (EFC) FAFSA Family Financial Responsibility Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study (FWSP) Fees Financial Need/Eligibility FSA ID Full Time Gift Aid Grace Period Grade Point Average Grant HillCard Indirect Costs Interest IRS Data Retrieval Tool Job Aid Master Promissory Note Merit Aid/Scholarships Need Based Aid Need Blind Net Cost Alien Registration Number Part Time Room & Board Satisfactory Academic Progress (SAP) Scholarships/ Merit Aid Self Help Student Aid Report (SAR) Student Employment Program (SEP) Verification Award Letter Borrower Capitalized Interest Cost of Attendance/ Budget CSS Profile

Financial Aid & Scholarships

What applications do I have to file to be considered for financial aid?

Stonehill requires the CSS Profile to be filed for consideration of most Stonehill gift aid, including but not limited to need based aid. Although it is not required for merit aid, it is highly recommended. The FAFSA is also required for state and federal financial aid, including but not limited to Pell grant, student loans, and work study.

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Does Stonehill award Merit Aid?

Yes. Merit Aid is awarded to students with exemplary academic performance in high school, whether or not that student has demonstrated financial need through FAFSA and CSS Profile filings.

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Does Stonehill award Need-Based Aid?

Yes. Need-Based Aid is awarded to students based on demonstrated financial need through FAFSA and CSS Profile filings.

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Does Stonehill award Job Aid?

Yes. We offer two different Job Aid programs: Federal Work Study and our own Student Employment Program.

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Does Stonehill award Loan Aid?

No. We only award Direct Loan eligibility. The amount of a federal student loan depends on the number of credits you have completed. Private loans come with private terms and conditions. Please refer to our Loans page for more information.

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Does Stonehill offer a tuition discount if more than one family member is attending at the same time?

Yes. Provided that family members are dependent members of a single household, full-time students, are matriculating at the same time, and are not receiving any other funding from the College. The total family reduction will be divided and applied equally to each family member. The following family tuition schedule will apply: first student: pays full tuition; second student: pays 75% of full tuition; third and subsequent student(s): pays 50% of full tuition.

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Is Stonehill Need-Blind in its admission decisions?

While we adhere to a need-blind admission policy for most of its admission decisions, budgetary constraints sometimes result in need-sensitive admission decisions for a small segment of the applicant population.

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What effect does applying as an Early Decision applicant have on financial aid?

Students who apply for Early Decision admission are not treated differently in the awarding of financial aid than those who apply for admission through the regular decision process. There is no advantage or disadvantage in the financial aid process.

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When is financial aid applied to my account?

Typically, half of each institutional and government award is credited to your account in each semester. The entire amount cannot be credited to one semester unless otherwise noted.

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Appeals / Special Conditions

Can I appeal my financial aid award?

Appeals for need based aid with no changes to income and requesting consideration for additional funding may be written to William Smith, Asst. Vice President, Student Financial Assistance, Stonehill College, 320 Washington Street, Easton, MA 02357. Please contact our office at (508)565-1088 for further details.

If there has been a reduction in income, the special conditions should be submitted instead, along with all the documentation indicated on the form.

Appeals from entering students can visit the Financial Aid Award Guide. The appeals committee will review and mail/email responses by the date indicated in the award guide. The commitment deadline cannot be extended.

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Cost of Attendance

What is the current Cost of Attendance (COA) at Stonehill?

The Cost of Attendance includes billed costs for tuition and Room and Board (if a resident student), as well as student loan fees, and estimated out of pocket expenses for books, living expenses (if commuting), personal miscellaneous expenses, and estimated transportation expenses. The Cost of Attendance for the 2017-2018 academic year is: Resident Student= $59,460, Commuter not living with parent= $51,838, Commuter living with parents= $43,800.

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CSS Profile

What is Stonehill’s code number for filing the CSS Profile?

Stonehill’s code number for filing the CSS Profile is 3770.

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Must I file my taxes before filing the CSS Profile?

No!. It is better to use estimated financial information than to miss the filing deadline.

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Should I wait until I know I have been accepted into Stonehill before filing the CSS Profile?

No, do not wait. Typically the priority filing deadlines are earlier than the date that acceptances are mailed.

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Deadlines

What is the deadline for applying for financial aid?

Your deadline for applying for financial aid depends on your application type. Please refer to our Important Dates & Deadlines page.

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Eligibility

What do I have to do to maintain my eligibility for financial aid?

In order to receive or continue to receive financial aid funded by the government and/or Stonehill College (including student or parent education loans, grants, scholarships and jobs), a student must maintain eligibility as defined below:

- Academic Progress
A student must pass a specific number of the credits he/she attempts each academic year to maintain eligibility for financial aid. Please see our Standards of Academic Progress for Financial Aid Recipients.

- Community Standards
Student conduct that warrants separation/dismissal as a result of violation of community standards may result in forfeiture of eligibility for Stonehill merit scholarships if readmitted. Please see our Community Standards.

- Drug Laws
A student convicted of possession or sale of illegal drugs loses eligibility for financial aid for a period of time specified in law. The period of ineligibility depends on whether the conviction was for possession or sale of (including conspiring to sell) illegal drugs. Please see the Notice of Federal Student Financial Aid Penalties for Drug Law Violations.

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FAFSA

What is Stonehill’s code number for filing the FAFSA?

Stonehill’s code number for filing the FAFSA is 002217.

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Must I file my taxes before filing the FAFSA?

No! It is better to use estimated financial information than to miss the filing deadline. 

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Should I wait until I know I have been accepted into Stonehill before filing the FAFSA?

No, do not wait. Typically the priority filing deadlines are earlier than the date that acceptances are mailed.

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Loans

When do I repay my student loans?

Federal loans have a six month grace period which begins when you graduate, leave school, or drop to less than half-time enrollment. Payment on these loans begin the day after your grace period ends.

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Where can I find out how much I have to repay on my student loans?

You can view a listing of the federal loans you have received for each academic period, and their interest rates on the National Student Loan Data System (NSLDS) website.

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Notification

When will I receive notification of my financial aid award?

When you receive your notification of your financial aid award depends on your application type. Please refer to our Important Dates & Deadlines page.

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Private Scholarships

If I receive a private scholarship, will my financial aid change?

If required by federal regulations to adjust an aid package, the College will eliminate or reduced 1) SEOG then Perkins/ NIL Loans, 2) Federal Work-Study, 3) Federal Direct Student Loans, in that order. Stonehill gift aid will not be reduced unless the total of all gift aid exceeds federal need or billed costs.

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Study Abroad

Will Study Abroad affect my financial aid award?

Yes and no. As a general rule, financial aid awards are applicable to study abroad programs approved by and administered through the College. However, Tuition Exchange Scholarships are only partially transferable to study abroad, full-time internships or for programs at other venues.

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Are there additional costs associated with Study Abroad?

An abroad fee of $375 per semester will be charged to students who choose to study away. Since you will remain a Stonehill student while abroad, your other charges will equal those assessed for any Stonehill student. You will receive a bill from Stonehill, including your financial aid, and you must pay the balance due to Stonehill as you normally would.  For further information about studying abroad while at Stonehill, click here.

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Work Study

How can I apply for a job?

You must have either a Federal Work Study Award or Stonehill Employment Award and employment paperwork also must be completed before beginning work through the Student Employment Program. The required paperwork is as follows: W-4, M-4, I-9 (with supporting documentation presented in the Payroll office), and direct deposit form. For more information, please visit Student Employment & Payroll.

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Taxes

Is financial aid taxable?

As a result of the Tax Reform Act of 1986, aggregate scholarship and grant assistance that exceeds tuition and required fees for course instruction or academic enrollment must be included in taxable income. Students are responsible for determining whether any scholarship, in whole or in part, should be reported as taxable income. Gift aid in excess of the costs of tuition and fees in a calendar year is taxable. Wages earned through the Federal Work-Study and Student Employment Programs are taxable. Student employees will receive a W-2 Wage and Income Statement from the College during January for the previous tax year. You are encouraged to contact the Internal Revenue Service or a tax preparer for further information or assistance.

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Are there tax benefits for higher education expenses?

Congress has provided opportunities for families to gain tax savings through various education tax credits, penalty-free withdrawal from an IRA, and/or the student loan interest deduction. You are encouraged to contact the Internal Revenue Service or a tax preparer for further information or assistance. Please see our Tax Benefits for Education page.

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Glossary of Commonly Used Terms

CUM (Cumulative Grade Point Average)

Measure of overall historic academic achievement at the College, calculated by dividing the total number of grade point received over the total number of credits attempted while in attendance. At Stonehill courses accepted as transfer credits are not included in the calculation of a GPA.

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Deferment

Allows you to temporarily stop making payment on your federal student loans. You are not charged interest on subsidized loans during deferment. Interest will continue to be charged on your unsubsidized loans and PLUSloans.

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Direct Costs

Expenses the student/family pays to the college.

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Direct Deposit/Payment

Direct Deposit (or Direct Payment) is an electronic transfer of funds from one bank account to another (e.g. a system that automatically deposits your paycheck into your bank account electronically each pay period).

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Educational Loan

A form of financial aid that must be repaid with interest. Educational loans
have varying interest rates and repayment terms. Students and/or parents are required to sign a promissory note when accepting an educational loan.

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Enrollment Status

Academic workload (or course load), as defined by the institution, that a
student is carrying for a defined academic period. This relates to the number of credit hours taken by a student during a given academic period. At Stonehill, full-time status = at least 12 credit hours, three?quarter time status = 9-11 credit hours, and half-time status = 6-8 credit hours.

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Expected Family Contribution (EFC)

A measure of how much the student/family can be expected to contribute to the cost of the student’s education for the year. The EFC is calculated according to a formula specified in the law and is based upon the information provided by the student and his or her family during the FASFA filing process.Note- When determining institutional financial aid, many schools use more comprehensive calculation using information on the Profile or an Institutional Financial Aid Application which may result in a higher expected family contribution.

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FAFSA

FAFSA is short for Free Application for Federal Student Aid. It is a form that should be completed annually to determine your eligibility for government financial aid (e.g. the Pell Grant, Federal student loans and Federal Work-Study). This form should be completed annually by Stonehill’s priority filing deadlines.

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Family Financial Responsibility

Many schools award institutional scholarships and grants based on a more comprehensive calculation of family financial circumstances using information provided on the CSS PROFILE or the College’s own financial aid form. This can result in a higher(or lower) financial responsibility for the student (and his/her family) than the Free Application for Federal Student Aid (FAFSA) might indicate with its Expected Family Contribution (EFC)estimate.

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Federal Pell Grant

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a threshold designated annually by the U.S. Department of Education.

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Federal Supplemental Educational Opportunity Grant (FSEOG)

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need.

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Federal Work Study (FWSP)

A program that provides part?time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWSassistance to participate in community service activities.

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Fees

Fees are costs outside of Tuition and Room & Board that you may be responsible for, depending on your needs and activities while at Stonehill (e.g. Student Health Insurance, Course Fees, Study Abroad Fee, Parking Decal, and Dorm Damage).

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Financial Need/Eligibility

Financial need is determined by subtracting the Expected Family Contribution from the Cost of Attendance.

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FSA ID

The FSA ID is a username and password that you must use to login to certain US Department (ED) websites. The FSA ID is used to sign legally binding documents electronically. The FAFSA requires signatures from both student and parent for dependent students. Therefore, both student and parent must have their own FSA ID. To apply for a FSA ID please visit www.studentaid.ed.gov.

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Full Time

Full Time students are those who attempt 12 or more credits in a semester.

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Gift Aid

Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain terms, such as a service requirement, specified as a condition of the grant. Gift aid includes awards with titles such as grants, scholarships, remissions, waivers, etc. Gift aid can be awarded based on many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and theatrical talent, affiliation with various groups, or career aspirations.

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Grace Period

A period of time that generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and ends on the day before repayment period begins. A borrower is not required to make payments during the grace period. Grace periods for subsidized and unsubsidized made under the Direct Loan programs are 6 months, and grace periods for Perkins loans are generally 9 months.

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Grade Point Average

Grade Point Average (or GPA) is a measure of scholastic achievement calculated by dividing the total number of grade points received in a semester over the total number of credits attempted in that semester.

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Grant

Gift aid awarded to the student that does not need to be repaid. Grants are typically based on financial need.

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HillCard

The HillCard is your campus ID card and serves as a debit and access card. Your HillCard is linked to your meal plan and HillDollars account, and is used to access residence halls, borrow from the library, pay campus fees and eat off campus at participating locations.

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Indirect Costs

Expenses the student/family may pay to a third party (merchant, landlord, etc.)other than the college.

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Interest

Interest is a fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the borrowed money.

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IRS Data Retrieval Tool

The IRS Data Retrieval Tool is an easy and secure way to access and transfer tax information directly to the FAFSAapplication, saving time and improving accuracy. Either the IRS Data Retrieval tool or a copy of your Tax Return Transcript will be required, if your file is selected for a process called verification.

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Job Aid

Job Aid is eligibility for part-time employment for students. Job Aid can help defray day-to-day costs of attending college. Students are paid for hours worked, and there is no guarantee of placement or earnings. Job aid is not creditable to the tuition bill. Job aid may be in the form of Federal Work Study or the Student Employment Program.

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Master Promissory Note

A Master Promissory Note is a binding legal document you sign when you get a student loan. It lists the conditions under which you are borrowing and the terms under which you agree to repay the loan.

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Merit Aid/Scholarships

Merit Aid or scholarships are a form of gift aid that is awarded because of a student’s achievements or talent in a particular area, such as academics or athletics. It does not have to be repaid.

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Need Based Aid

Need Based Aid is financial aid that is based upon financial need as demonstrated on the FAFSA and/or Profile application forms.

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Need Blind

Need Blind means that admission decisions are made without any knowledge of students’ financial circumstances.

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Net Cost

Amount of direct and indirect costs remaining after all gift aid (scholarship and grant)is subtracted.

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Alien Registration Number

The alien registration number or “A-number” is an identifying number that the U.S. Citizenship and Immigration Services (USCIS) will assign to certain non-citizens.

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Part Time

Part Time students are those who attempt less than 12 credits in a semester.

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Room & Board

Room and Board refers to lodging and food provided on the College’s campus. At Stonehill, Room & Board consists of your residence hall accommodations and your meal plan.

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Satisfactory Academic Progress (SAP)

To receive or continue to receive financial aid funded by the state, the federal government, or the college (including loans, grants, jobs, scholarships), you must be making Satisfactory Academic Progess, which requires that you achieve and maintain a cumulative grade point average of at least 2.0 after four semesters of college attendance. In addition, you must complete a minimum number of the total credits attempted.

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Scholarships/ Merit Aid

Scholarships/ Merit Aid are a form of gift aid that is awarded because of a student’s achievements or talent in a particular area, such as academics or athletics. It does not have to be repaid.

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Self Help

Financial aid in the form of loans or student employment. Loans are used to help pay the remaining net costs after gift aid is deducted. Student employment earnings (including work study awards) are not deducted from billed costs but can be used to help cover indirect costs and are paid in the form of wages to the student.

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Student Aid Report (SAR)

A summary of information your submit on your FAFSA that provides you with your Expected Family Contribution (EFC).

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Student Employment Program (SEP)

Student Employment Program is a college funded part-time employment program.

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Verification

Process to confirm the accuracy of data provided by the applicant on the Free Application for Federal Student Aid (FAFSA) and the CSS Profile. In order to complete the verification process, students are required to provide certain documents to the school for review.

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Award Letter

Award Letters are sometimes referred to as “Financial Aid Packages”. Your Award Letter will include details about the financial aid you can expect to receive from Stonehill College and government/private sources for the academic year.

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Borrower

The person responsible for repaying a loan.

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Capitalized Interest

Unpaid interest that has been added to the principle balance of a loan. Future interest is charged on the increased balance.

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Cost of Attendance/ Budget

The estimated cost of attending Stonehill for one academic year. This amount includes, billed costs, along with estimates for out of pocket expenses, such as:
-Expected charges for one year of tuition and fees
a. Tuition – Charges assessed for classes
b. Fees – Charges assessed for other college services
-Room and board for resident students
-Estimated living expense ?? allowance for rent, utilities, and food for off?campus living
-Estimated transportation costs
-Estimated books and supplies
-Miscellaneous costs

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CSS Profile

CSS Profile is short for the College Scholarship Service Profile. It is an application provided by the Collegeboard that allows students to apply for financial aid. It is an on-line form available at http://student.collegeboard.org/profile. The information provided for freshman year is used to determine your eligibility for Stonehill funded need-based scholarships.

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